Dimapur, October 27 (MExN): The Nagaland State Cooperative Bank (NStCB) during its 285th meeting of Board of Directors has approved the proposal for the launch of first Mobile ATM/ATM on wheel in the State by the bank during the culmination programme of Golden Jubilee Celebration.
The meeting held at its head office in Dimapur on October 27 was chaired by Temjen Toy, IAS, Addl Chief Secretary and Finance Commissioner, Nagaland and Chairman of the bank.
Kekhwengulo Lea, Vice Chairman, Wepe Ritse, Registrar of Cooperative Societies, Nagaland and eight elected Board of Directors representing the Cooperative Societies of various districts and three co-opted Board of Directors participated in the deliberation. Imtilemba Longkumer, Managing Director of the bank attended the meeting as Member Secretary.
A total of 38 Agenda and Action Taken Reports were placed in the meeting for perusal and decision and resolution adopted accordingly. Board predominantly pursued and reviewed the Business Plan Target and achievement of the Bank under DAP for the financial year 2017-18 with reference to achievement as on September 30, 2017 and observed that during the quarter under review bank has achieved an overall growth of 2.45% on deposits. Growth on loans and advance was achieved at 1.00% during the quarter with a CD ratio of 63.73%.
The bank has earned income from interest on loans and advances, to the tune of Rs 2299.95 Lakh, from investment Rs 893.80 lakh and other income Rs 63.14 Lakh culminating to a gross income receipt of Rs.3256.89 lakh. The bank has incurred an expenditure of Rs.2800.32 lakh.
The gross income of Rs.3256.89 lakh of the bank for the quarter after providing for total expenditure of Rs.2800.32 Lakh has netted an income of Rs.456.57 Lakh as on 30 September 2017.
The cost and yield efficiency ratio for the quarter ended 30 September 2017 is 5.52% and 11.05% against target of 5.72% and 10.83% respectively.
The Bank has achieved an estimated Net-Worth of Rs 4425.44 lakh against target of Rs.4411.00 Lakh and CRAR of 13.41% against target of 13.60% during 2nd quarter under review.
Board reviewed the programme of the year long Golden Jubilee Celebration of the bank culminating on November 10, 2017 in the Auditorium of Dimapur Government College.
Board ratified sanctioned of loan amounting to Rs.2385.47 lakh disbursed during the 2nd quarter and approved further sanction of loan amounting to Rs.90.82 Lakh for Agri and Allied and Church based projects and Rs.450.00 Lakh under Micro Finance scheme.
This was stated in a press release issued by General Manager (Admn & Vigilance), Lipoktoba Aier.
